AMETEK (AME, Financial)(3.0% of net assets as of June 30, 2021) (AME – $165.23 –NYSE) is a diversified supplier of highly engineered equipment used in a broad array of industrial end markets. The company offers a diverse product portfolio including test and measurement, metrology, and precision motion control equipment in addition to specialty materials and aftermarket services. Orders grew a strong 9% organically yearover-year in Q1 2021, led by AMETEK’s defense, automation, and process businesses. Additionally, the leadership positions of AMETEK’s businesses in niche markets affords the company pricing power, which should more than offset higher cost inflation this year. Finally, management has been able to effectively deploy $1.9 billion of capital on five acquisitions thus far this year (including Abaco Systems, a leading provider of military computer boards, for $1.5 billion in April 2021) and has a total of $1.8 billion of remaining cash and revolver availability that can be further deployed on deals this year.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second-quarter 2021 commentary.
